Wednesday, June 23, 2010

June 23 (Bloomberg) -- Federal Reserve officials retained a pledge to keep the benchmark interest rate at a record low for an “extended period” and signaled that European indebtedness may harm American growth.

“The economic recovery is proceeding” and “the labor market is improving gradually,” the Fed’s Open Market Committee said in a statement in Washington. Still, “financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad.”